No action against banks yet, for opening LC's on additional prices
Business
No action against banks yet, for opening LC’s on additional prices
KARACHI (Dunya News) – Sate Bank of Pakistan (SBP) has not taken any action against the banks taking additional amounts for opening LC”s. Considering the shortage of dollars, the state bank has imposed several restriction on issuance of Letter of Credits.
While briefing about the actions taken against banks accepting additional prices for opening LC’s, the SBP officials said, no action has been taken against the transgressing bank yet.
According to the officials, the SBP can impose fine or take regulatory action against the transgressing banks, the intensity and nature of punishment will be decided by the governor of SBP and the minister of finance.
The officials added, both the governor and the minister are in consultation to decide the penalty to be imposed.
